Blockchain For Corporate Registry Developed By French National Council Of Clerks And IBMbr>
The French National Council of Clerks (NCC) and tech giant IBM have developed a new blockchain commercial court solution devoted to the clerks of commercial courts’ commercial and corporate registry.
The NCC is the representative entity of the clerks of the commercial courts, exercising in the 134 registries spread throughout the metropolitan territory. It works to modernize commercial justice, including the creation of the Digital Tribunal, investing in transparency and business security, and facilitating business creation.
The blockchain commercial court solution, which will be deployed in commercial courts across France this year, will reportedly bring added transparency and efficiency through improved management of legal transactions related to the lifecycle of companies. Once deployed, clerks will be able to record and share information related to the exchanges of regulatory information related to companies’ difficulties, and the changes of status of the company registered on the French territory.
“The blockchain platform, built on the Hyperledger Fabric framework, an open source project from the Linux Foundation, is designed to make it possible to streamline the exchange of information among the clerks, improving efficiency and providing better services to companies,” IBM said. “In a pilot, NCC was able to decrease the time to update the registry from several days for some complex cases to a single day. The blockchain network also enables the sharing of a single version of truth across the courts clerks and ensures traceability of notifications related to the legal changes. It ensures transparency and can improve the dynamic of court clerks’ interactions.”
Sophie Jonval, President of the NCC, said that this project is the continuation of their efforts to be pioneers in the adoption of innovative technologies, to strengthen the quality of the public service provided by the commercial justice system, dedicated to the expectations and requirements of today’s multipolar and interconnected economic world.
“We must be both pragmatic and at the forefront of progress on a technology such as blockchain,” Jonval said. “The latter represents a major potential technology for our profession and for the modernization of the tools of Commercial Justice, reflecting our status, our mission and our professional rules.”
IBM stated that the solution can help strengthen the position of the French Commercial and Corporate Registry in the European Union, in which the profession is already engaged with the interconnection of business registers.
“This initiative is a first in the justice sector in France and is a perfect example of blockchain’s role in helping regulated professions as they transform,” said Vincent Fournier, Senior Manager Blockchain at IBM France. “Blockchain’s qualities are ideal for this use, improving the clerks’ business processes and adapting to the ever-changing nature of their missions.”